INDIA – Indian milk and milk products company, Parag Milk Foods has appointed Venkat Shankar as the company’s new Chief Executive Officer effective July 4, 2019.
Shankar will report to the Chairman and the Board of Directors, providing the company with the necessary leadership and strategic direction while helping achieve its short-term and long-term objectives.
Shankar is a seasoned FMCG professional with over three decades of experience in Dairy, FMCG, Private Equity, Media and Advertising roles.
Prior to joining PMFL, Shankar was the VP & Head of the Dairy Business at Britannia Industries.
He has previously worked in Sales & Marketing at PepsiCo and has more than 15 years of experience in the FMCG food space.
He has a PGDM from IIM Ahmedabad and an Engineering degree from IIT Kanpur.
“We are delighted to welcome Mr. Venkat Shankar as our CEO.
“His extensive FMCG experience and illustrious career spanning over three decades would be tremendously valued in implementing the vision and objectives of the company as it continues on its journey towards becoming a leader in the dairy FMCG sector,” said Devendra Shah, Chairman of PMFL.
Shankar will be tasked with the responsibility of cementing the company’s position as a leading player in the dairy FMCG space.
The company is India’s second largest producer of cheese under its brand Go and the country’s largest producer of cow ghee under its brand Govardhan.
Speaking on his appointment, Shankar said: “Parag Milk Foods Ltd. is constantly setting new benchmarks for the industry by pushing the envelope with innovation. “It will truly be a privilege to work with a company full of talented people and brilliant brands.
“The company has built a strong and robust platform over the years and I am thrilled to be a part of this new phase of growth and look forward to creating long-term value for our stakeholders.
To expand its manufacturing capacity in the country, the Mumbai-headquartered company acquired Sonipat manufacturing facility from Danone last year.
It is said to have earned a revenue of about Rs 70 crore (US$10.1 million) last fiscal from the Sonipat business and is targeting up to Rs 160 crore (US$23.2 million) this financial year on good demand from the northern market.